Consider a simple two firm credit portfolio with the following probabilities given:Firm 1 defaults over time horizon t, f1= 0.30Firm 2 defaults over time horizon t, f2= 0.25Joint probability that both firms will default over time horizon t, f12 =0.15What is the probability that at least one firm will default?Select one:a. 0.45b. 0.4c. 0.55d. 0.70

CAN you please explain the answer.. i know its simple but i am kinda stuck..please help me why we are doing .3+.25-.15

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